Most loan modifications that are approved only temporarily reduce the interest rate and payment; they typically do not reduce the principal amount owing on the loan. (californiabankruptcygroup.com)
Paying the minimum payment during the interest - only period will not reduce the principal loan balance. (SoFi.com)
If you thought that paying down credit card balances was tricky, wait until you must choose between reducing the principal on a personal loan at the same time. (growingfamilybenefits.com)